India Central Bank Prohibits Sales Of Gold Coins

Tyler Durden's picture

Two weeks ago, with its current account getting crushed by relentless gold imports, India's finance minister Chidambaram literally begged the people to stop buying gold. Judging by the popular response, the ongoing physical shortage, and last night's increase in Indian gold import duties from 6% to 8%, appealing to people's feeling when it comes to the choice of fiat vs physical, has failed miserably. So the FinMin Chidambaram has decided to escalate.  Per Reuters: "The Reserve Bank of India has advised banks against selling gold coins to retail customers, Finance Minister P. Chidambaram said on Thursday, a day after he raised gold import duty to try to ease pressure on India's bloated current account deficit." Well, if there ever was one sure way to send demand for any product through the roof (guns, ammo, etc), it is for the government to prohibit its outright sale. What follows next, almost without fail, is a panicked, chaotic buying scramble.

Gold imports by India, the world's biggest buyer of bullion, surged to
162 tonnes in May -- more than twice the monthly average in the record
year of 2011.

 

"I think the Reserve Bank has advised banks that they should not sell gold coins," said Chidambaram, while speaking at an event in Mumbai.

 

Chidambaram also urged banks to advise their customers not to invest in gold.

Why? If it is not clear by now, here is the explanation: there is simply not enough gold to satisfy demand at the current artificially downward-manipulated price, no matter what propaganda script is being spun on Verizon TV at any given moment. And with India's idiotic decree, even more gold will be purchased at these prices.

Dear India - here is a simple way to limit demand: price.

Petition the central banks to allow gold to price based on price discovery, or as it is also known supply and demand. Because if gold were to cost $2000,$5000, $10,000/oz then all problems resulting from excess demand would immediately disappear and India's current account would be back to normal.

Of course this will not happen, as the crumbling facade of the imploding fiath based regime would immediately peel away. So back to gold capital controls and other ad hoc made-up measures guaranteed to not only fail but push the price of physical gold much higher.

Good luck.

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Sweet Chicken's picture

HAHA the wheels are coming off the cart. I love it! 

ParkAveFlasher's picture

Wake me when they prohibit sales of gold shirts.

GetZeeGold's picture

 

 

Poor Reserve bankers......gonna lose the shirts off their backs.

It's just making me sick with worry!

NotApplicable's picture

Oh, now I get the WGC pressure upon India. They want the gold remonitized by keeping it all in the banks, LOL.

This should end well.

MillionDollarBonus_'s picture

Indian goldbugz were warned. But they refused to listen. This is a prelude of the backlash that is going to occur against golbugz and anti-government loonies across the world. Your time is coming.

Spider's picture

LOL - too bad you have no concept of economics.  This is how gold rockets...

What this is telling me is that the Rupee is about to get hit hard..very hard

knukles's picture

Golly gee wiz, they sure's makin' one hell of a racket 'bout some traditional worthless barbaric relic nobody wants.

Pinto Currency's picture

 

Just jabbing the bull before he busts out of the gate.

Pitty the Indian central banker on his back.

francis_sawyer's picture

This whole charade kinda got me wonderin'...

~~~

OK...

- If the 'slave' Israelites escaped from Ramuses II into the desert [following Moses]...

- Then ~ next thing you know they're parked under Mt. Sinai while Moses is up there talking to burning trees...

- & in their boredom, decide to hammer out 'golden calves' to worship... & later, an 'ARK'...

Where the hell did 'SLAVES' get all the gold in the first place?

~~~

Maybe 'Meth Man' was right... It only costs $5 to dig it out of the groud... It's EVERYWHERE!

ZerOhead's picture

 "I think the Reserve Bank has advised banks that they should not sell gold coins," said Chidambaram, while speaking at an event in Mumbai.


The Reserve Bank is right my Indians friends... DON"T buy gold coins... it's actually quite silly really....

BARS!!!... buy GOLD BARS!!!

Quickly now... there is no time to watse!!!...

MillionDollarBogus_'s picture

Indian goldbugz were warned. But they refused to listen. This is a prelude of the backlash that is going to occur against golbugz and anti-government loonies across the world. Your time is coming.

MDBonehead........

Physical gold and silver is purchased because of government loonies..

Get it right, please...

You are making us look very bad here...

dryam's picture

Which is it, do you work for the Fed or the banks??  I love your attempts to misdirect the discussions on topics that touch too close to home.

MicroSecession's picture

It was given to them.  Exodus 12:35-36, "The Israelites did as Moses instructed and asked the Egyptians for articles of silver and gold and for clothing. The Lord had made the Egyptians favorably disposed toward the people, and they gave them what they asked for; so they plundered the Egyptians."

IndyPat's picture

Ha! What ever it takes. Just get the fuck out!

beefman's picture

Actually       YES! Mess with gods people and he will turn your enemies into your footstools. Jealous god hating individuals get upset with this but the truth is the truth. They got ALL their gold and silver from the egyptians the same people who were oppressing them. Who are you oppressing. Think about that very seriously.

IndyPat's picture

Um....yeah. They gave it to them. Plunder is another word for gave it to them, right? And God was cool with it, so no problem there.

Now I get it. Goldman and co...doing Gods work. So that's why they meant.

If I "give" Chuck Schumer a gold brick, do you think he will split for the Death Valley, melt it into an idol and stop bothering us? I'll dive into the lake and get one if he will.

g'kar's picture

To answer your question.... After re-watching the Charlton Heston movie "The Ten Commandments" for the 40th time, the few traitorous bankers that didn't stay with the losers (Egyptians) left with their gold with the Hebrews. While Moses was up on Mount Sinai talking to God the traitorous bankers took advantage. They bribed a bunch of useless sheeple to keep quiet and beat down the few believers while they built the Golden Calf. Apocolypse followed shortly after, any parallels?

IndyPat's picture

Rumor has it that Moses was...an Egyptian prince, Pharaohs youngest son..and a priest of the mystery schools...and taught the tribe the ancient secrets of alchemy...how to turn nothing into something. Kinda like...say...central banking. Nah, that doesn't make sense.

johansen's picture

You're partly right but you're over looking the fact that it was a different time back then,
today the whole world is under Acts 17:30 "In the past God overlooked such ignorance, but now he commands all people everywhere to repent."

key word being in the past.
we are in a different "AGE" and referenced in the Bible are two more to come. Ephesians 2:7.
so when you read of a conspiracy theory that the Georgia guide stones point toward a new age of reason.. well.. they are partly right. but they left out the divine judgement after the close of this age. (which hasn't happened yet)

the thought just occurred to me, perhaps the satanists who built the NWO think that if they can kill all the Christians, God won't have any reason to destroy them, and just leave them alone to live on the earth forever (after they figure out how to transmit their soul from a body to a robot lmao)

Jack Napier's picture

They know they are going to lose, not in this life necessarily. They traded their souls for power over this existence which passes in the blink of an eye. Now they are victims of insatiable powerlust. Sure they may live a while as cyborgs with Johnny Mnemonic sized brains (320 GB! WHOA), but the Kingdom of Heaven is coming to Earth. There will be nowhere for them to hide.

tip e. canoe's picture

ready for some serious tinfoil francis?

Lost Secrets of a Sacred Ark

https://www.youtube.com/watch?v=SZJqLe60pKA

IndyPat's picture

Maybe good tribe in question rehypoth'd a few tombs on the way out of town? I mean, the mummies weren't using it, right? Ain't like its money anyway, so what's the big deal. So why not make a idol out of it and roast a few babies, sing some songs?
IfIwuzarichman.....common, you know the words! Sing along!

THX 1178's picture

LOL, yeah they looted all of egypt through the same scam they're using now and made off with the gold. In their book of scripture they made it sound like they were victims so no one would ever suspect them EVER. JOOZE.

Nassim's picture

This story about the Jews having been enslaved in Egypt is bunkum invented by Jews in Alexandria who wanted to show the Romans that they had been in Egypt for longer than the Greeks of the city. Egyptians are famous for documenting their history, and there is zero written evidence of the Jews ever having been kept there as prisoners.

The fact is that Western Saudi Arabia ties in much better with locations in the Bible. That was their "promised land". Of course, it does not please the Saudis - who have been studiously bulldozing all historical locations that might give the Israelis an excuse to move there.

Do an internet search and you will see what I mean.

Also, the history of Lebanon is well known and there were no "Canaanites" ever living there.

jerry_theking_lawler's picture

remember...if you write history, you can write it how you want to see it!!

 

fact, they weren't slaves.

MeelionDollerBogus's picture

Apparently there's detailed records of what gold payments were made for the crafting & construction of those pyramids. Just goes to show - slaves don't get paid, yet workers WERE paid. in gold.

knukles's picture

He no likee de curry slurpie enema

kaiserhoff's picture

Thanks knuks. 

Now I know what we should do with Ben.  Water boarding is too good for his sorry ass.

wee-weed up's picture

No, with Ben... we need to think like the Dark Ages...

A red-hot fire poker up the arse!

 

Think for yourself's picture

Nigga please...

I've only inscribed myself with one branding but that taught me enough about the process to know this is a bad idea.

The unbearable flash of pain only lasts a fraction of a second - and then the nerve endings burn off, dulling the pain to a level that is easily withstood with a bit of willpower.

I'd opt for juicing some jalapeños and cayenne, maybe some mustard greens as well. Add glass shards, use as enema. 

Edit: Oh. And then, tie the guy on top of a mechanical bull.

Stuck on Zero's picture

Don't bother replying to MillionDollarBonus.  It's a bot.

 

LawsofPhysics's picture

Yes, because this always worked out well before.

Like MDB says..

go long black markets and sharecropping...

You have been warned.

Ignatius's picture

Non-share cropping in my backyard as we speak (though I have been known to give away a good quantity).  In fact, in these parts people lock their cars not because we're afraid of theft, but because another neighbor will come by and drop off more zucchini.

MicroSecession's picture

Thankfully, seed is super-cheap if you buy it by the pound.  For $8 I can either buy 6 tiny packs of lettue seed, or buy a whole pound (about 1,000 packs worth).

IndyPat's picture

If the black market doesn't have it, I don't want it. Suits me just fine. I get mine and Benny don't get his.

oddjob's picture

They will ban Gold coin sales, but they won't ban asbestos.

Dave Thomas's picture

Or rape for that matter.

Going Loco's picture

Backlash? How is this a backlash? How are they going to police a ban on gold sales, in India of all places? And how do gold coin sales matter to Indians, who  prefer a little jewellery with their gold.

Cmon MDB, your satire is usually good enough to fool people sometimes. This post isn't.

BTW I do agree that our time is coming. Just not in the way you say.

Pinto Currency's picture

 

Indians have been increasing bullion and coin purchases vs jewellry recently.

Number of articles on the web.

orez65's picture

Count me as an anti-government looney you shit head.

Been there and done that.

Got everything stolen from my family in a Latin American country.

Got it all back in the US plus a lot more.

That shit is not going to happen to me again.

So go ahead, make sure that you keep all your wealth in dollars, Treasuries and any and all other dollar denominated assets.

Divided States of America's picture

I hope you dont use Verizon.